A downtown office building is ready for a residential makeover.
InterVest Capital Partners, which bought the 48-story tower at 30 Broad Street in the Financial District at a foreclosure auction in June, submitted plans to convert the building into 571 rental apartments. reported.
InterVest took over the building after making the only bid of $1,000 at the auction. Elliott Ingerman and Bill Brodsky’s Tribeca Associates originally purchased the building for $130 million in 2016. The ownership group refinanced its original debt from $96 million to $124.6 million in 2019.
InterVest purchased the loan in February 2024 and filed a $126 million pre-foreclosure proceeding against the Tribeca Investment Group subsidiary several months later.
Rose Associates, a real estate and management company that specializes in luxury multifamily rentals, will help facilitate the renovation as the project’s developer, a spokesperson for Rose told Crain’s.
During the renovation, an extra floor will be added and two retail units will be created on the ground floor. The building will have a fitness center, a yoga room, a lounge and a roof terrace.
In 2023, the nonprofit family activity center CompletePlayground signed a 15-year, 40,000-square-foot lease for an indoor playground in the building, replacing a New York Sports Club.
That same month, Tribeca entered into a forbearance agreement on the property after failing to “make any required payments,” leading to default, according to the foreclosure complaint.
The building also has a leasehold from Solil Management that runs until 2079. Annual rent was $2.7 million in 2016, but is expected to reset to 4.5 percent of the property’s market value in 2035.
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